High local demand pushes Brazil to import ex-CIS BPI

Thursday, 19 November 2020 17:13:08 (GMT+3)   |   Istanbul
       

The ongoing improvement of the business environment and, concurrently, the increase of steel production in Brazil have resulted in a shortage of some raw materials even for domestic usage. Accordingly, the high local demand for pig iron has pushed Brazil to buy the raw material from abroad, which is highly unusual for Brazil, taking into account that the country is one of the traditional key exporters to the global market.

By the middle of the current week, SteelOrbis has learned of an ex-Ukraine BPI booking of 30,000 mt done by a Brazil-based steel producer. The deal price is said to be $395/mt FOB Black Sea, but has neither been confirmed by the seller nor by the buyer. Moreover, market insiders state that the price is hardly considered to be the market level, considering that the deal was done within one steel group.

Initially, the deal in question created confusion among all market insiders and was hard to believe. “I doubt it really happened. But in case it did, the prices may soar further,” an international trader commented.

SteelOrbis has heard that one Russian supplier has already voiced its ex-CIS BPI offers at $400/mt FOB Black Sea, versus $370-380/mt FOB Black Sea which was prevalent last week.


Tags: Pig Iron Raw Mat CIS 

Similar articles

Ex-Brazil BPI exporters achieve slight rise in latest deals to US amid better scrap sentiment

28 Mar | Scrap & Raw Materials

Japanese crude steel output down 3.8 percent in February from January

27 Mar | Steel News

Price gap between low and high-phosphorus Brazilian BPI narrows in last deals

25 Mar | Scrap & Raw Materials

German crude steel output increases by 4.6 percent in January-February

25 Mar | Steel News

Ukraine’s ArcelorMittal Kryvyi Rih posts lower pig iron output due to Russia’s attacks on energy infrastructure

21 Mar | Steel News

Buyers from Turkey and Italy seek lower ex-Russia BPI prices even though scrap lacks direction

20 Mar | Scrap & Raw Materials

Turkey’s pig iron imports up 5.0 percent in January

20 Mar | Steel News

China’s crude steel output up 1.6% in Jan-Feb despite unexpectedly weak post-holiday demand

18 Mar | Steel News

Ex-Brazil BPI market at standstill due to high prices for buyers, ex-Russia sellers under strong pressure

15 Mar | Scrap & Raw Materials

Local pig iron prices in China - week 11, 2024

15 Mar | Scrap & Raw Materials